Branko Milanović

Branko Milanović is one of the world’s leading economists and a former lead economist at the World Bank. Known for his groundbreaking work on global inequality, Milanović has spent decades analyzing how wealth and power shift across countries and individuals.

In this episode, Milanović argues that the era of neoliberal globalization is over—and is being replaced by what he calls “national liberalism.” He explains how countries are abandoning free trade and global integration while continuing pro-market policies at home, creating a new and more fragmented economic system.

The conversation explores the rise of Asia, the decline of Western economic dominance, and how global income is being reshuffled across both nations and individuals. Milanović also breaks down why some economic policies can be “lose-lose” in absolute terms but still make sense geopolitically, and how inequality—both within and between countries—continues to shape global stability.